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CAI Company News Feed

04
April 2011

"Seasoft Announces Integrated Support for Multi-Currency Processing"

April 4, 2011 ― Seasoft Software today announced that it has added a new multi-currency module to its Enterprise Resource planning (ERP) software for seafood manufacturers and distributors. The new module provides a currency conversion feature that will enable our customers to record sales (or purchases) in a foreign currency on the day that the transaction posts and then update their business’ general ledger (GL) in US dollars on the day that the funds are collected.

Frank Motta, Managing Director for Seasoft said, “If you purchase product from international suppliers, Seasoft lets you buy the product in the supplier’s native currency and then, when it’s received, processed and ready for sale, lets your customers pay for it in their existing money standard. If the customer’s in Europe, they’ll pay in euros, if they’re in Japan, they’ll buy in yens. This convenient feature helps you improve your business relationships, simplify multi-currency issues and work with exchange rates to maximize profits.”

When product is purchased, the local currency and the conversion rate, tracked daily by the software, are posted to Seasoft’s Accounts Payable file. When the product is sold, the conversion is automatically applied to the Accounts Receivable record which also ties back to the GL. Gains and losses due to currency conversion are annotated in an accrual account. In this way, our customers can improve the level of service they provide their customers and maximize margins by basing their buy and sell decisions on the current currency exchange rate.

For more information or to schedule a web demonstration, call 800.422.4782 or visit us online at caisoft.com/seasoft.